Quanterix Corporation Releases Operating Results for Second Quarter of 2021
Q2 GAAP revenue including Grant Revenue
“The past quarter has proven to be a pivotal time for our company as we continue to make immense strides with our strategic expansion in the diagnostics space,” said
Second Quarter 2021 Financial Highlights
Key financial results for the second quarter of 2021 are shown below:
-
Q2 GAAP total revenue, which includes grant revenue of
$0.9M , was$25.4M versus prior year Q2 of$13.1M , an increase of 93%; -
Q2 non-GAAP total revenue was
$24.4M versus prior year Q2 of$13.1M , an increase of 86%; -
Q2 GAAP product revenue was
$18.7M versus prior year Q2 of$6.8M , an increase of 175%; -
Q2 GAAP service and other revenue was
$5.6M versus prior year Q2 of$6.3M , a decrease of 11%; - Q2 GAAP gross margin was 54.7% versus prior year Q2 of 39.7%, an increase of 1,500 bps; Q2 non-GAAP gross margin was 55.1% versus prior year Q2 of 44.1%, an increase of 1,100 bps
1H 2021 Financial Highlights
Key financial results for the first half of 2021 are shown below:
-
1H GAAP total revenue, which includes grant revenue of
$3.2M , was$52.6M versus prior year 1H of$28.9M , an increase of 82%; -
1H non-GAAP total revenue was
$49.3M versus prior year 1H of$28.9M , an increase of 71%; -
1H GAAP product revenue was
$36.9M versus prior year 1H of$16.6M , an increase of 122%; -
1H GAAP service and other revenue was
$12.1M , consistent with prior year 1H of$12.1M ; - 1H GAAP gross margin was 57.5% versus prior year 1H of 41.7%; 1H non-GAAP gross margin was 56.8% versus prior year 1H of 46.5%, an increase of 1,030 bps
For additional information on the non-GAAP financial measures included in this press release, please see “Use of Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financials” below.
Second Quarter 2021 Business Highlights
-
Record Product Revenue of
$18.7M for Q2 2021, an increase of 175% versus prior year Q2. - FDA approval of Biogen’s Aducanamab underscores potential of plasma-based neuro biomarkers in drug development and diagnostics.
-
Quanterix’ Simoa technology powered the largest and most diverse global investigation of the role of plasma neurofilament light (NfL) in dementia diagnosis, published in
Nature Communications . The research marks the most robust effort to date to assess the use of NfL in blood to screen for neurodegeneration as a cause of cognitive symptoms; differentiate among neurodegenerative disorders and distinguish psychiatric disorders; and derive age-related concentration cutoffs that may help to maximize plasma NfL’s usefulness in a clinical setting. -
Delivered a virtual presentation at the Goldman Sachs 42nd Annual Global Healthcare Conference on
June 10 and appeared on theJune 3 episode of The Bio Report, a leading podcast that focuses on the intersection of biotechnology and business, science, and policy to discuss the implications of biomarkers on the future of drug development and diagnostics. - Hosted the webinar: Recent Advancements in Neurodegenerative Biomarkers: Progress Towards a Diagnostic Blood Test for Alzheimer’s Disease that featured leading industry experts to discuss neurological advancements related to the ultra-sensitive quantification of pTau181, pTau217, pTau231, and other neurological biomarkers.
-
Welcomed
Masoud Toloue , an industry expert from PerkinElmer, to the position of President ofQuanterix and Diagnostics to lead Quantertix’ growing diagnostics business and assume responsibility for the Company’s Accelerator Lab Services, strategic partnerships and corporate development. -
Appointed
Michael Doyle , a strong financial executive with deep public company experience to the position of Chief Financial Officer (CFO) and Treasurer. - Quanterix Simoa technology was highlighted in 130 new publications, bringing total Simoa-specific inclusions to more than 1,300 publications.
Conference Call
In conjunction with this announcement,
A live webcast will also be available at: https://edge.media-server.com/mmc/p/9ntq8o5d. The webcast will be available on the Company’s website, https://www.quanterix.com/, for one year following completion of the call.
Financial Highlights (in thousands)
| Quanterix Income Statement | ||||||||
| in ' |
Q2 2021 |
|
Q2 2020 |
|
YTD 2021 |
|
YTD 2020 |
|
| Product Revenue |
18,676 |
6,790 |
36,924 |
16,623 |
||||
| Service and Other Revenue |
5,648 |
6,317 |
12,057 |
12,079 |
||||
| Collaboration and License Revenue |
105 |
23 |
366 |
155 |
||||
| Development Revenue |
942 |
0 |
3,233 |
0 |
||||
| Total Revenue |
25,371 |
13,130 |
52,580 |
28,857 |
||||
| Cost of Product Revenue |
8,114 |
5,416 |
15,594 |
11,602 |
||||
| Cost of Services Revenue |
3,383 |
2,501 |
6,763 |
5,229 |
||||
| Gross Profit |
13,874 |
5,213 |
30,223 |
12,026 |
||||
| Gross Margin % |
54.7% |
39.7% |
57.5% |
41.7% |
||||
| Research and Development |
6,754 |
4,312 |
13,437 |
8,580 |
||||
| Selling, General and Administrative |
20,788 |
13,102 |
40,243 |
27,375 |
||||
| Total Operating Expenses |
27,542 |
17,414 |
53,680 |
35,955 |
||||
| Loss From Operations |
-13,668 |
-12,201 |
-23,457 |
-23,929 |
||||
| Interest (Expense) Income, net |
-165 |
-108 |
-328 |
53 |
||||
| Other Income (Expense), net |
1,977 |
-11 |
1,783 |
-178 |
||||
| Tax |
-41 |
18 |
1 |
142 |
||||
| Net Loss |
-11,897 |
-12,302 |
-22,001 |
-23,912 |
Weighted average shares outstanding was 36.3 million for Q2 2021 and 35.4 million for YTD 2021.
Quanterix Balance Sheet
| in ' |
At |
At |
||
| Cash and Cash Equivalents |
430,780 |
181,584 |
||
| Accounts Receivable |
15,430 |
17,184 |
||
| Inventory |
21,225 |
14,856 |
||
| Prepaid Expenses and Other |
9,005 |
5,981 |
||
| Total Current Assets |
476,440 |
219,605 |
||
| Restricted Cash |
1,400 |
1,000 |
||
| Property and Equipment, Net |
15,778 |
13,912 |
||
| Intangible Assets, Net |
12,174 |
13,716 |
||
|
10,121 |
10,460 |
|||
| Right-of-Use Assets |
11,754 |
11,995 |
||
| Other Non-Current Assets |
377 |
357 |
||
| Total Assets |
528,044 |
271,045 |
||
| Accounts Payable & Accrued Expenses |
20,864 |
22,421 |
||
| Deferred Revenue |
6,149 |
5,421 |
||
| Current Portion of Long Term Debt |
7,716 |
7,673 |
||
| Lease Liabilities |
1,322 |
1,234 |
||
| Other Current Liabilities |
1,624 |
3,054 |
||
| Total Current Liabilities |
37,675 |
39,803 |
||
| Deferred Revenue, Net of Current Portion |
740 |
577 |
||
| Lease Liabilities, Net of Current Portion |
21,210 |
21,891 |
||
| Other Non-Current Liabilities |
2,409 |
2,649 |
||
| Total Liabilities |
62,034 |
64,920 |
||
| Total Stockholders’ Equity |
466,010 |
206,125 |
||
| Total Liabilities and Stockholders’ Equity |
528,044 |
271,045 |
Use of Non-GAAP Financial Measures
To supplement the Company’s financial statements presented on a GAAP basis, the Company has provided certain non-GAAP financial measures, including non-GAAP revenue and non-GAAP gross margin. Management uses these non-GAAP measures to evaluate the Company’s operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in its business. Management believes that such measures are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing the Company’s operating performance. The non-GAAP financial information presented here should be considered in conjunction with, and not as a substitute for, the financial information presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures set forth below.
| Reconciliation of non-GAAP Financials | ||||||||||||||||
| (In thousands) | ||||||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||
|
Three months ended |
|
Six months ended |
||||||||||||||
|
|
|
|
||||||||||||||
| Total revenue |
$ |
25,371 |
|
$ |
13,130 |
|
$ |
52,580 |
|
$ |
28,857 |
|||||
| Grant revenue (Note 1) |
$ |
(942 |
) |
|
— |
|
$ |
(3,233 |
) |
|
— |
|
||||
| Non-GAAP revenue |
$ |
24,429 |
|
$ |
13,130 |
|
$ |
49,347 |
|
$ |
28,857 |
|
||||
| Gross profit |
$ |
13,874 |
|
$ |
5,213 |
|
$ |
30,223 |
|
$ |
12,026 |
|||||
| Grant revenue (Note 1) |
$ |
(942 |
) |
|
— |
|
$ |
(3,233 |
) |
|
— |
|
||||
| Acquisition-related purchase accounting charges (Note 2) |
$ |
520 |
|
$ |
576 |
|
$ |
1,040 |
|
$ |
1,396 |
|
||||
| Non-GAAP gross profit |
$ |
13,452 |
|
$ |
5,789 |
|
$ |
28,030 |
|
$ |
13,422 |
|
||||
| GAAP gross margin % |
|
54.7 |
% |
|
39.7 |
% |
|
57.5 |
% |
|
41.7 |
% |
||||
| Non-GAAP gross margin % |
|
55.1 |
% |
|
44.1 |
% |
|
56.8 |
% |
|
46.5 |
% |
||||
| GAAP total operating expenses |
$ |
27,542 |
|
$ |
17,414 |
|
$ |
53,680 |
|
$ |
35,955 |
|||||
| Grant research and development expenses (Note 3) |
$ |
(1,131 |
) |
|
— |
|
$ |
(2,894 |
) |
|
— |
|
||||
| Acquisition-related purchase accounting charges (Note 4) |
$ |
(20 |
) |
$ |
(20 |
) |
$ |
(40 |
) |
$ |
(40 |
) |
||||
| Non-GAAP total operating expenses |
$ |
26,391 |
|
$ |
17,394 |
|
$ |
50,746 |
|
$ |
35,915 |
|
||||
| GAAP loss from operations |
$ |
(13,668 |
) |
$ |
(12,201 |
) |
$ |
(23,457 |
) |
$ |
(23,929 |
) |
||||
| Non-GAAP loss from operations |
$ |
(12,939 |
) |
$ |
(11,605 |
) |
$ |
(22,716 |
) |
$ |
(22,493 |
) |
||||
| Note 1: During the three months ended |
|||||
| Note 2: During the three months ended |
|||||
| Note 3: During the three months ended |
|||||
| Note 4: During each of the three months ended |
About
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect," "plan," "anticipate," "estimate," "intend" and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Forward-looking statements in this news release are based on Quanterix’ expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Factors that may cause Quanterix’ actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in Quanterix’ filings with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20210805006136/en/
Media:
quanterix@pancomm.com
Investor Relations:
(774) 278-0496
shrusovsky@quanterix.com
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